Law school has become one of the most expensive professional degrees in the United States, with total costs at many institutions exceeding $300,000. Yet the legal job market has struggled to absorb the number of graduates law schools produce, bar passage rates are declining, and artificial intelligence is beginning to automate the work that entry-level lawyers have historically performed. The Ethics Reporter investigates the law school debt crisis through the lens of institutional accountability: who is responsible for selling students on a credential that may not deliver the promised career? We examine law school enrollment numbers, employment statistics, bar passage rates, and the uncomfortable reality that AI is making significant portions of legal work — research, document review, contract drafting — increasingly automated. The question we ask is one that law schools are not: are these institutions selling a credential they know to be declining in value?